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A WELL SECURED 20 Year Public Utility BOND Yielding over 8.10% In no calendar year since 1913 hava net earnings failed to exceed twice mortgage bond Interest. Avaraga for this period 2 1-3 times. Circular fully describing this Lisue sent upon reauest for AK-ilt The National City Company Mali Ome?: National City Bank Building Uptown Office: 42nd St. & Wad. Avo. One Industry Grew 16 Times as Fast As Population This is the record o,f electric utility companies in the United States from 1910 to 1921. The growth of electrical needs of the Nation continues steady and uninterrupted, adding strength and value to sound electric utility investments. A conspicuous example of this remarkable growth is shown by Standard Gas & Electric Co. A Byllesby Utility whose 6% Gold Notes Yield 8.85% Ask tor Circular NYT-?6 describing this investment H.M_fyllesbry-&Co. Incorporate ?i III Broadway New York Chicago ? Provldvrtc? - Beaton Floyd-Jones, Vivian & Co. investment Securities 15 William Street, New York Miinh.Ti New Tori: Htaok KxelkABg? Telephone Broad 3352 -,-, EDWARD B. SMITH as Co. Members New York Stock Exchango Bonds for Investment NEW YORK PHILADELPHIA MUNICIPAL BONDS Yielding 5% to 8 c'o *^ MrerrA ??_-????"i-r _? 89 Liberty Street New York Savage Arms 2nd Pfd. United Cigar Stores Gen.BakingjCom. & Pfd. J.K.Rtce,Jr.&Co, Phono? ??e? to ?1010 John. 36 Wall St., N. T? Bonds for Investmesl Harris, Forbes & Co Mm StrMt, Cenrar WU? NEW YORK -L >' Park>Union FOREIGN BANKING COSPOR?HOH 55 Wall Street, New York BRANCHES AT fihanjrhai Yokohama Tokio San KranHmr-n Seattle Purl? Guaranty Trust Co. National City Bank National Bk. of Commerce McCLURE, JONES&REED Uernher? .Yet* Tori* Sfek flsahan?? ItQ ?roadway I'honr 3321 JUctor New York City Bond? I'orm, Rat*. Maturity. Bill. Anls. TU1d. Intel 4V4?, J9?7. 90>? 8114 4.97 '?o 414?, *li"*'5. 99*4 91'/i 4.98 < . 1963. 90K, Si Vi 4.99 do 4V??, 1967. 90% 91>* 6.00 ?JO 4:?a. ?OH?. 86 V4 8 *?*?,, 4.99 .. 4 ?a, 1964. 86 Vi r?;1* 0.00 ?? , 4>4?, 1962. ?61.4 ?6% 6 o:; <Jrj 4 Ib, I960. 85 '4 66% ?. 02 do, 4'/??, I960, op. 1930 85'4 66% ?7.00 ?.-, 4a, 1959. 80 V4 81V4 f. 11 t?o *t?. 1966. 60?4 ?5 >4 6-1? do 4?, 1967. 80'.4 81 14 ti" Be? 4-, 1966-1961. 80 81 Vi 6.17 <lo 4?, 1936 . K. 86 88 1.11 )???- \y?%. X964. 71% 77(14 6.17 Coup 3%a. 1964 . 7ivt 7:*4 6.17 ..-. 1960-1964 Jne.. 70?? 73*4 6.17 .?, 1940 1050 Inc.. r, 750 6.10 - ?i 921 960 II ? i 90 6.30 -? -. ' oup (?fr?a!) 4>4*. 1921-1932 Ir,.- .... 6.06 6 34 ?? .. 4?4?, ;'i2J-!3-!l inc.. 6.00 6.30 - Chemical Stocka Ann Cyn.. 16 20 lOr.Mlll ..139 135 ?lo pf.., 38 4:: Ky Solvay 26 70 Caaaln Co. 159 45 i do pf... 93 99 DowfCb... -- 20 iMarrtmac. 70 16 Du Pont- ? i {?More C pf 7i 78 ?K? dividend. iMulfd Co . 41 00 ?rf.tiry.nt i- Companies BW. A*V"1 . Bid A?K"! Arn Alinde..260 210?Crt Arcrr ...220 27?6 ':i'/.,f NT.1M 179 Hanovar . .. 16 f7n-,/r,r,wl?h ..liO'J I26|Hom? .340 350 KM ? PbO<?..47& ?8S|N_tl l.'.hrrt.y.170 180 FnnnkiiD ... 70 lOINlagara ,.,,iao 136 Ofoba A R..1200 ?iftt&yvaaaot... ?>0 76 Hulear Stock? C-r Hof. . 1? 2'? ?'Ml.Amii? 2? 3', C*M H??, % 2 Cchg . . ', Ht) Pt... '- Yt Y:,>?..,:k? ]<;4 107 OAguIrri?. 67 60 NI NI<|U*I 160 200 Klrdo naw 63 ;,?; 8av*nna_, so 20 Ort W?#t.l26 14*3 - ?- ?.' ;., li do ?f... ?I 10? 1 ?Je* <iivld?nd. ???i-... 19 26 I The Trend in Finance Contrast Between Dullness in Speculative Securities and Activity in Investments Feature of Market of the Moment DULLNESS and apathy in the market for speculative securities, with prices fluctuating irregularly and uncertainly; activity and increasing interest in investment securities, with prices continu? ing to move forward in gratifying manner. Here is an extremely interest? ing and significant contrast presented in the financial markets at the moment. The. stock market, depressed severelyl for many months, is still plainly suf? fering from the same influence? thot have unsettled prices in the past, and so far as industrial stocks are con? cerned nothing has appeared on the horizon to indicate the turn in busi? ness has arrived which is necessary to a revival of confidence and a restora- j tion of industrial prosperity. The in- j dustrial end of the stock market con? tinues to be heset with adverse earning ?statements, dividend omissions and rc ! ductions, corporate readjustments and reorganizations, and all the other fac? tors which are the result of a pro? longed period of depression from which the country is now suffering. Last week .Wall Street's speculative | security market entered one of the ? dullest periods of the year. Trading j almost came to a standstill at times. | Brokers whoso business it is to ex? ecute buying and selling orders had , practically nothing to do. The only | traders who did anything at all to speak i of were the so-called professionals, the ? men who are in and out of the market a dozen times in a single normal active session trying to catch the swings and scalp profits. To all intents and pur? poses the market last week was com? pletely in the hands of these profes? sionals. When some liquidation of dis? tressed holdings of stock appeared in certain individual issues the profes? sionals helped the movement along by offering stock on the short side. The whole performance was mainly signifi? cant because the stagnation in the market reflected the entire absence of buying power so far as the public is concerned. And Wall Street has never had a real bull market without the public coming in and pushing the cam? paign through to the finish. The. chief trouble with the stock market at present is not the continued liquidation which is going on from day to day in various industrials as dis? tressed holdings are squeezed out. It is the lack of buying power. About the only demand for industrial stocks these days is coming from professional bears who are seeking to cover. The public ?3 not buying, first, because confidence in speculative values has been de? stroyed, and, second, because it has not the abundance of funds it had a few i years ago to put into securities of thi3 character. A somewhat different situa? tion is presented in the railway share market, but here also the same lack of buying power Is an important restrain? ing influence. For the first time since 1915 the rail? road stocks in the average sold last week above the industrials. Before the war the average price of rails was normally far above the level of the average of the industrials. During the war the industrials took first place. > Since the boom period of 1919 the ten? dency of the rails has bean to work upward, while that of the industrials was to work downward, until last week positions were reversed. This week's charts show graphically what has taken place. An excellent bond market stands out in bold relief in the general uneven ness of the financial markets as a whole. Th..' bond market has been gradually responding to the changed credit conditions for several weeks, and bond prices in the average have worked upward, until most issues are now substantially higher. Tho public may not have money to spare for the purchase of speculative securities, but it is finding some to place in tried and seasoned fixed interest-bearing bonds. This is a healthy sign, it is a tendency that is likely to continue. Recent developments have shown I that an abundance of funds is avail? able for short-term investment. The i reception the country accorded to the | last issue of United States Treasury | certificates of indebtedness demon? strates this fact. Here was a joint of? fering of $.100,000,000 of securities running not longer than a year and bearing a comparatively low rate of interest, for which the Treasury re? ceived subscriptions in the aggregate in excess of $1,000,000,000. The Reason of the year is at hand when the interior normally begins to ! draw more heavily upon the East for funds with which to move its crops to ? market. The elfects are already seen ; in the shifting money currents and in j rates. Last week the Federal Reserve Bank of New York disclosed a sub? stantial loss to the interior, while call money rates in Wall Street worked up to 6 per cent. A leading banking authority refers to the general situation thus: "The fundamental difficulty upon which a revival of business waits is still the in I equality of values as between the va I rious classes of goods and services. The i normal basis of trade between people j in different industries has been dis? turbed, and it is only by the pressure ? of painful experience that the old rela | tions are restored. The producers of ?wool, hides, sugar and foodstuffs are ? generally getting no more for their ! labor than before the war. AH of the ; people who have a part in the conver ! sion of wool, cotton and hides for the farmer's use are. still getting 100 per i cent or better above pre-war wages, but naturally they are not all at work, for the evident reason that the farmer can I not buy as many clothes at present ?prices as when his own compensation I was on a par with the compensation of | those people with whom he is trading ! services." Miscellaneous Markets i Public Utility Securities Bid A P 4 L, 9 do pf... 70 Am I. Tr. 91 do pf. . . 77 A G & El.104 do pf. . . PS A P & L... do pf.. . a p mi... do pf.. . Am WWk do 1st. pf do pr pf. CarPR&L. Cent Ht Kl 55 15 26 40 Cities Bvc.117 do pf. . . 4? do B sh 13V? 7 ?4 iliB 95 '. % a s c 75 7% dill do pf 13 Col Ph.. do pf.. . V 3 ev4 "0 A O A E 6s 76*4 A P & L 6? 7? Appln P 6s 63 Col P 68. . 72 Ei Paso 6? 77 Asked Bid Asked 11 KPRtL. It 12 75 do pf. . . 23 31 94 E1B ft S pf 79 8214 SO E D El pf 60 70 106 EG & .'?' Co 33 Istftcl Cs 17 93 67 do8%c n 74 78 68 8?4, pf... 73 80 10 8% en rit 57 93 20 Fed L & T 6 S 5 do pf... 40 45 49 No St TMvr 36 41 9 do pf. . . 78 81 39 Rp U & L 4 6 6 do pf. ..13 17 45 So Cal Ed. 90 94 120 do pf. .. 98 192 4 7 SC G & El 8 11 13 V? fio pf. . . 32*4 34 100 T R L ft P 1 2 80 I do pf.. 4 78 ??n L ft R 20 5 I do 1st pf 69 7% West Pwr. 26 75 1 do nw pf 70 Bands 78V4IM St P 6?. 8614 72 U L ft R 611 70 72 UtahSec 69 66*4 76 WlB Ed 6s. 10 88 1 6 23 ?1 27*4 88H 87V4 82 V4 New York Bank Stocks America ... Atlantic-. . . . Am Exch. .. T?? 1 tery . . . Bowery . ... Bv.av Cent. Bryant I'k. Bronx Nat.. Butch *. D. ?nt Merci. Chase. Chat ft Phe. Chelsea Ex, Chemical .. City. Coal ft Iron..27:0 Columbia .. .166 Colonial _360 Con mere? ..212 Cmwlth ...216 Contntl .129 Corn Exch.. .306 Comptn . ... 80 East River.. 170 First Nati. Fifth Ave.. Fifth Nati .167 .210 .230 .145 .425 .126 .130 .190 '.243 . 75 .435 .309 .845 .900 50 *Ex dividend. 450 150 255 100 212 230 1C6 100 860 169 Oarneld . otham . ... reenwlch .. lanover . Ilarrlman . . nip ft Trd. . ndUKtrinl ... Irving Nat. . Miihitn Co. . h ft Met.. Vctroplfn ... Mutual. Nati Am.... New Nthr. . . N Y County. N T N B A.. Pacific. Park. Public. Seaboard .., Second . ... State . 23d Ward.. 1/ntd States Union Ex .. Wahs Hts Yorkvill? , 215 190 2 3 5 775 3 47, 4S9 155 17 5 187 283 3 20 610 160 140 135 400 .300 .350 .230 .235 .4 7.0 .215 .200 .160 . 168 .236 .426 225 200 ISO 193 290 340 530 150 420 3 80 240 245 Tragt Alliance - tAmerPan .. Am Surety... Bankers ... . : Bond ft Mtn I Bklyn T'Co. Cent Union.. Co! urn Ma . . . i Commercial.. ? Empire T... ! Kqultable T. Fi mra L ft T KiFl-llty . . . Eu 11 on. Guaranty ... Hudson . .. Klnc?. Lawyer? T.. Law .vte ... Lincoln Tr.. and 70 :? 2 5 275 300 255 ': 4 E 200 235 I in 660 106 116 1SJ Surety Companies ?iManufctrs ..200 ? Mercantile ..290 ?7 Aletrpltn . . .235 360 M IK Hond. .. 75 205 Mut T W_106 470 Nat Surety. .170 230 N Y 1, ft T. .6>;0 285 N Y Trust. . .200 126 IN Y Title...112 ' -?.Peoples . , . .270 262 Realty Asso.. 90 365 Tillo C,uar...295 216 Untd .States..835 2 iO 17 S M ft T. .260 240 U S T Cl. 75 ?(Wstchstr ....110 ??W ft. B & M. 16? 114 tSeo N Y Title. 120 : Includes AT sil 16(1 180 t. 6 5 310 116 280 100 205 Tobacco Stocks O V7 Bel. 15? do pf. . 89 J H Tourne HO do l'f. ? 89 J.?..A ft V. 85 160 93 90 9 2 9 0 IPRTT.. 6? Unlv Leaf no" Weym H.. 1rs I do pf.. . 90 Miscellaneous Stocks I ?Am Ltd... 12'/? 12% ?U, pf . . . .-; : f.') ' Am Mf pf 70 75 , A H ft V ,160 180 Am Td pf 3H ''-'4 ! Arn Typ F 40 ! A DT '?< -I 36 Atlw? P C 11 iBIlt Bpl 76 do 2?! pf 68 ; Rorden's. . 90 : Bush T i.f 66 Cellulo?d. .?01 j ChJ Co . *7 * do pr . ?5 ?CHy Invt 66 C/k W pf. 16 45 92 V4 75 103 9 0 T* L ft W. 75 Draper C .124 tnt 811 pf. 83 Mina l. pf *:? ? ? ,!.!. 96 NKrigFu O 16 N Cp *' pf ' ? P ft W pf. 8 0 Phelpa i>.14f> Uy Bk? P. 70 do pf. . . 74 ?H C 11 !.. 60 Singet , '? fill.KMftP 36 Hloll 11 pf 94 W ft P. . . . 90 y al.-, ft T..230 95 100 160 75 Standard OU Companies Dirt Asked; Bid. Ajltod. AnBlo.Arn 36% 3 3% JP O A O. . 420 Ati nfne.?oo do pf. . .105 Borne-.Scr.340 Buck P I., so Chea Mfg.160 i pf... 95 Contl Oil .IOS Cr? s 1' L.. 26 Cum V L..116 Eure P I,. 75 USO pf n 8 7 do pf old 99 do com.. 32 1)1 P L. . .350 Ind P I... 76 Int P CoTa' 3 3 Nati Tina. 22% N Y Tran.140 Nrth P L. 87 Ohio Oil. .250 Penn-M F.?l9 ral P jSolur Rig.3 5 | So l'Mpe T.. 78 So Pa Oil.II 0 Sw P P I, 57 S O ?al. 73 ?S O 1"H?.. 70'4 .-. (i Kan. 540 S O Ky.. .390 s i > Neb... 355 ?S O N* J.135 do pf. . .307 S O N Y.. 310 S O Ohio.370 do pf. . .107 1 I K Swan A F 30 23 % Cn TU Car 90 3 45 | do pf. . . 90 90 Vacuu 011.260 255 IWflh? OH.. 25 22 1 Tar $26. .* BO 4 30 190 350 no 186 70? 6 6 0 400 106 3 3 0 107' 314 3X0 110 3 5 95 35 270 30 Miscellaneous Oil Companies Util. Anfcod. f Bid. A?V.ed. Atl I.obn do pf. . . 50 BrAm O. 2 4 Con A i'o. 5 Elk Bsn P 6% Imp Oll.. . fit M?iK-n Pet.126 Mldw Bf.,140 60 I.Mtn Prod. 8 26 JN'rthw O. .20 6 !I'r?l A RCp 3% 6% tS Ck Pr 10% 86 Sapul R?e 3?, 130 IWSOAL.. .25 3% 10% Mtrr OU.. 7'?, 8 I tPar $10. Steel and Ordnance Stocks Am Brass.147 Atlas Pit .112 ?Hab A W104 Carb Steel 15 do Ibi' pf 50 do 2d pf, 23 Colt A_ 28 Du Pont....109 ?do p; 3 Of. 2 0 CO 113 70 Em S et 1 - do pf... ? ? ?Horc Pw.122 ?li, pf . . . 80 Nllea B P. 50 r!o pf. . . 80 Si ..v Mfff .280 Tliom 1 ron ? Vi Ini !oi n^r 16 Woodw.... 40 25 ?3 5 137 S3 56 Kast Steel. 15 'Ki dividend. Short Term Securities 98% Scour Itjv Rate. Due I Alum of Am 7s, 1925.... 91 Amer Cotton Oil 6s, 19 2 4. 90% ' AmT Toi & Tel 63, 1922. 98% do 6s, 392-1. '.'?* ??. Amor Thread 6s 1928.... 96% '/;?, '. Amor Tobacco 7s. 1922. ..100% 100% do 7??. 1923.100% 3i'0 % Anaconda Copper 6s, 3929 88% ? i ; do 7s, 1929. 92% 93% AiiK-Am OH Ltd 7%s, '25.100'/?. 3n?r? Bell Tel of Can 7s 1925.. 93',, 96% ? Uethlehem Steol 7s, 1922. 99 , 100 .. do 7s, 1923. 99 % 99% Can Pacific Ry 6s, 1924.. 97% 98% ?-. n Argentine Ry ?3? 3 927 82 83% Chi H 1 <fc Pac Ry 6s, 1922 99 Consol Gas N Y S* 1921 . .100 Ccpper Kxp Assn 8s '22.. loi ?h. 8h, 1023.100% 101 do 8s. 1924.103 do 8s, 13 25.101% Cmiahy Packing 7s 1923. 99 Fed Sugar Rcf 6s 1924 . . 96 % li F G?.oihioh con 7s. '33. 90 i. Cuir OU 6s, I923. 97 y irockln? Valley 6s. 1924. . 9 Humble OU A Rof 7s '23. 97% 98 Inter Hap Tr con 7b, '21 . 79 '? til Kansas City Term 6s 1923 97% OS >-? Lacl ?1 L 3st & r?-f 7? "29 90% 91% 3,iK ?V- Myers Tob 6s 1921. 99% 100% ?Philadelphia 6s, 1922 .100% 100% Proc & Clamblo 7". 1922 . 100 r. : 00 \ 1923.100% 101 Bid. A<4k. Tlcl.3. !i 1 98% 7.3 3 90'i 91 14 ??. J i ? C.90 7.1.. 6.45 | 0 6.3 3 v o 8.10 7.35 8.00 6 75 V 16 100% 101 % Put? Serv N .1 con 7n. '23. 9C1 R 4 Reynolds Tob t;s. '2.: '? I HciLis Koebuck V:?. 1921 . 911 do 7s, 1922. 98% ?h, 7s, 1923. 97' i Bin? Iftlr Con OH 7 \ *. '25 '? ! % Sotvay 8?, 1927. 9m Soul hei n Ry 6s, 1922. . . . 97% Sr. v esl Bell Tel 7s, 1933 . 98 : t Paul r i > (ruar 5 %s '23 96 % Swift 6s, 1923. 99 ', do 7s. 1926. '? > T? sas Co 7m. 1923 . 99 . Utah : ecurltles Rs 19.'I2, . 90 West El? C ' ' -'i is. 192 1.100 ; 302% 7.20 91 % 98% ? i o 6.15 ? '7 100% 100% 0 i 9 7*, 98% 97% 100 6.00 30 80 < 5 i 100% 0. Long Term Securities A rrn?nr eonv ! I, 1930. . .. a i At)0?iQ It. f 6%s 1931 . ..101 CJuii Oil 7s, 1933 .'-,7 ' Kenn.It Cop 7s, 1930, . 93 N Y On! col tr 7s, 19: 0 ', ? ! NWBi-il T lui ml? 7s '41 102 J', : i, V. . Tl B' i 1930.. 'i'" Bland OH (Cal.)' 7s, 1931 , , 103' ,;., N Y 7s. 1 19 : 101' Vi.' um i Oll 7*, 1930 i- ?? riubh? ? ??-. 19 Wostlnu 131 & M '?>?'? 7s 97% 101% 98 % 93 ' , 3"-::i 102 ; 99 % 104 106 101 % 102 % 102 \ | .30 S oo i. so 6.60 i. I . ? 10 7 20 I 100%. iiu-j for p.?>< t ucliibor 1. 1321, ?U Transactions Last Week in Listed Stocks Summary of Stock Exchange Dealings (Copyricht, 1921, New York Tribune Inc.) Stocks Week Year January 1 to date. Last week. before. ago. 1921. 1920. 1919. ?Railroad stocks . 440,000 378,000 673,500 21,139,200 35,401,500 58,201,600 j Other stocks . 1,704,700 1,848,100 4,390,900 82,922,200 104,312,900 125,901,200 | All stocks . 2,145,100 2,226,000 6,064,400 104,061,400 139,714,400 184,102,800 Bonds Jana-rr 1 to date. Last week. Week befere. Tear ar?. 1921. 1920. U. 8. roTemment bonds.$32,040,000 $32,801,000 $34,531,000 $1,147,161,000 $1,519,424,000 ?Other bonds . 9,761,000 12,885,000 11,147,000 274,355,000 336,301,000 ?Railroad bonds . 16,126,000 19,906,000 12,652,000 399,759,000 430,703,000 j All bonds . 57,927,000 66,592,000 63,330,000 1,821,275,000 2.286,428,000 Record of Stock and Bond Averages (Copyright, 1921, New York Tribune Ino.) 20 Railroads 30 Industrials 50 Stocks_ 10 Railroads 10 Industrials 5 rtilities .. 25 Bonds Last week High. Low. 66.40 63.85 66.79 65.70 66.60 64.96 75.28 75.0*5 82.24 81.85 74.45 74.05 77.76 77.64 Stocks Year aga High. Low. 64.10 62.55 85.50 83.83 76.94 75.48 Bonds 71.88 70.87 83.75 83.43 69.05 6S.90 75.97 75.59 Rango Jan. 1 to date High. Low. 66.60 57.40 79.13 63.53 74.12 61.0S 76.23 71.01 84.53 80.45 73.70 70.13 78.41 75.25 Range full year 1920 High. Low. 73.80 63.60 110.30 67.67 92.05 64.50 -78.97 66.73 91.45 81.30 74.58 67.44 81.71 73.94 Bate. July 29 Jan 12 Jan 10 Fcb 8 Feb 9 May 18 Jan 14 Jan 26 May 2 Jan 6 Jan 7 Feb 28 Feb 15 Jan 5 May 2 Jan 29 Jan 20 May 2 Feb 23 Jan 20 Jan 11 May 9 May 13 May 18 May 2 Apr 29 May 6 Apr 22 Jan 31. Jan 29 May 5 Fob 26 Jan 7 Jnn 20 May 2 J an 20 May 24 Jan 4 Jan 19 Jan 27 Mar 1 Mar 29 May 24 Jan 31 May 23 May 4 June 1 Jan 20 May 16 May 11 Jan 13 May 6 May 4 Mar 23 Aug 1 Jan 24 July 28 Jan 3 Jan 7 Apr 30 May 12 Jan 58 Jan 21 Jan 27 Jan 11 May 9 Jan 11 Jan 3 May 6 May 6 Jan 1 I Jan 16 Mar 123 Jan 25 Jan 25 .Muy 19 .May 20 Jan 7 May 2 Aug 2 Apr 19 Feb 17 May 13 May 13 ?Ian 8 May 3 Jan 11 Jan 19 Jan 12 Mar 7 .Jan 20 Jan 20 Apr 30 May 18 Jnn 6 May 9 May 9 Jan 12 Jan 12 Jan 11 Jan 11 Jan 11 May 18 May 10 May 10 Fcb 11 May 11 Jan 20 Jan 19 Jan 13 Aug 3 May G Jan 29 May 6 Apr 27 Jan 3 Feb 10 May 9 Jan 13 Fcb 18 Jan 6 May 17 Jan 6 Jan 3 Jnn 7 Mar 26 May 2 Jan 11 Jan 17 Fcb 14 Low 1921. 26 Vz 30 18 i ', 1 100 35 83 28-"-g 32 56 47 25% 55 30 23 Vz 76% 1151 108 1574 41 114 Date, in Jan 3 ? June 21 4 July 11 ? June 8 ? Jan 3 ? '/4 VZ 40% 42 57 29% 8 21 56 731/2 981/4 4 6'/2 32% 67 95 24 631/4 8 51/4 40-% 95% 111 Vz 87 110 57 93 22 7% 33% 1 24 55% 93 7 61/4 751-2 77 18 1534 12 Vz 820 103% 50% 10 621/4 30% 47 14% 391 2 41 I/2 87 0334 3 .'; 9/2 6 51 8 V/4 4 10/4 HI/2 10 53% 7 I2 3 7 7 8 9 12 6 12 7 7 68' 4 41*2 1C1 31% 64| i 190 23 237a 47!/2 46 4 6% 74 22 32 60% 95 49 22% 56!/2 68% o 191/2 36% 79/2 19 22 52 27% 49 4% 17% 28% 21% 65 b 77Vz 143? 42 % 59 25% 51 77 6% Feb 15 7 June 23 4 June 23 7 June 23 4 Aug 6 ? June 13 ? Jan 11 4 June 23 ? June 22 6 Aug 1 ? June 21 ? June 25 7 June 17 12 May 23 7 June 23 ? June 13 ? July 15 8 Apr 14 ? Feb 2 ? Jan 25 5 Jan 4 6 June 23 ? June 10 1 June 13 ? July 6 7 June 20 6 June 20 7 July 13 ? July 23 ? June 23 ? June 20 Jan 3 June 21 July 9 June 16 June 20 Jan 3 June 21 Jan 4 Jan 3 Fcb 21 Feb 21 Aug 4 ? June 22 ? Jan 3 ? July 28 ? Jan 26 4 Jan 6 6 June 20 6 June 20 6 Jan 3 5 Apr 27 7 June 17 ? June 17 ? Jane 20 June 25 20 July 19 7 Aug 5 7 Apr 20 3 June 24 7 Mar 11 ? Mar 14 4 June 29 ? June 24 5 June 22 5 June 13 7 June 22 8 Aug 5 ? June 13 ? June 7 ? Jan 12 ? Jan 8 10 June 20 ? June 20 ? Jan 4 ? June 16 ? July 28 6 Jan 5 ? Jan 4 7 June 22 ? Jan 4 2 June 20 10 Apr 7 ? Aug 5 ? Mar 22 8 Mar 10 ? June 21 ? July 14 6 June 20 ? Apr 21 ? June 23 ? June 18 ? June 20 ? June 21 ? Apr 15 July 1 June 29 Mar 11 June 21 Mar 11 Apr 15 ? Mar 30 ? June 21 ? June 25 ? Apr 4 7 leb 24 ? July 29 ? June 20 6 Jan 8 ? Jan 3 4 July 28 ? June 28 ? June 21 4 June 24 ? Apr 19 7 July 8 ? Jan 6 7 July 9 ? June 6 7 July 18 ? Jun*21 5 Mar 11 2 July 15 4 June27 7 July 11 ? Adams Erp . Air Reduction . Ajax Rubber. Alaska Cold Mines.. Alar-ka Junean . All-Amer Cable .... Allied Chem A Dye do pf . AIILs Chalmers .... Amer Agr Chem.... do pt . Amer Bank Not?. . . Amer Beet Sugar... da pf . Amer Rasch Mag... Low. Close. 100 104 104 5600 37 Vz 35/2 100 86 86 1400 32 30!/z 4500 34% 32 200 60 593,4 100 *53|'2 *53* 2 ? 1 400 100 600 Amer Can. 7500 . 100 31 65 65 31 30 28'/2 26? 82 82 2200 1251/2 124 800 IO91/2 108 2O0 19 19 900 4% 4' 300 1181/2 117% 117", 1100 11/2 11 11 2700 543i 51 51 200 55 55 55 200 63 63 63 5600 351/4 33 33 100 8% 8% 8? 400 25% 23 23 100 60 60 60 9300 85"/a 83 85 400 102% 100 100' 1900 4% 4 4', 1700 7 6% 7 1600 37% 35% 35' 1800 72 71 72 2' do pf . Amer Car & Fdy... da pf . Amer Cotton Oil. . . . Amer Drug Syndi.. Amer Express . Am Hide & Leather do pf . Amer Ice . do pf . Amer Inter Corp... Am-La Fra Fire Eng Amer Linseed . do pf . Amer Locomotire . .. do pf . Amer Safety Razor. Amer Ship & Cora. Amer Smelting .... do pi . American Snuff . . . Amer Steel Fdy . . . American Sugar do pf . Amer Sumatra Tob Amer Tel & Tel_ American Tobacco. . do pf . 700 90% do B . 1400 124% American Woolen . . 34400 72% do pf . 300 97% Amer Writ Paper pf 800 23% Amer Zinc & Lead. . 5C0 8 Anaconda . 5100 37% Assets Realization.. 500 1% Asso Dry Goods ... 100 30% do 1st pf. 100 64 Associated Oil _ 3200 101 Atch Top & San Fe 10700 87% do pf . 1200 Atalantic Coast Line 1700 Atl Gulf &. W I S S 541?O do pf . 24C0 > Atlantic Petroleum . Atlantic Refining . . do pf . Au.-tin Nichols pf... Auto Sales Corp pf Baldwin I.ocomotiTe 48000 Baltimore & Ohio . . 166C0 do pf . 1900 Barnsdall?II . 200 Bethlehem Steel ... 1600 do Class B. 35400 do 7th pf. 400 do 8th pf. 1000 Booth Fisheries . . . 3C0 Bklyn Rap Transit. 1100 do certificates . . . 300 Bklyn Lnion Gas. . 1200 Burns Bros . 400 Butte Cop & Zinc. . 200 Butte & Sup Copper 400 Butterick . 4100 Cadrio Oil . 600 Calif Packing . 2200 Calif Petrol . 1700 do pf . 200 Ca?ahan Zinc & Ld 1700 Calumet & Arizona. 35000 Canadian Pacific ... 14300 Central Leather _ 13000 do pf . 4800 Cent R R of N J. . . 100 Cerro de Pasco. 3400 Certainteed Corp . . . 100 Chandler Motors . . . 60200 Chesa & Ohio. 4200 m 1% 79'/; 88 241/4 23% 1600 13 200 950 100 107 100 50% 200 12', 7, 1!% Chic & AltonJ:_ Chic Gt Western. . . . do pf . Chic Mil & St Paul. do pf . Chic ?t Northwn... do pf . Chic Pneu Tool. Chic R I & Pac_ do 6% pf. 2200 do 7". pf. 2700 Chile Copper . 5200 100 73 200 8' 3100 183 9700 283 9700 44 6200 69' 100 101 300 50 27700 343 Chino Con Copper. . C C C & St L. Clnett IVabody .... do pf . Coca Cola . Col Fuel & Iron_ Col Cas & Electric. 400 200 900 100 12400 300 2800 Col & Southern. 1000 do 1st pf. 300 Columbia Graphe. . . 3200 do pf . 500 Com Tab Recording 100 Consol Cigars . 500 do pf . 200 Consol Distributor?.. 100 Consol Gas . 5700 Consol Textile . 800 Continental Can .... 300 Continental Candy.. 1100 Corn Products . 9300 Cosden & Co. 14500 Crucible Steel . 21400 do pf . 100 Cuba Cane Sugar... 9000 m Date. Feb 16 Feb 28 May 11 May 16 Jan 28 Jan 28 Apr 21 May 6 May 4 May 2 Mar 24 May 9 May 9 Jan 12 Apr 29 Apr 27 Jan 28 Jan May Jan Jan May May Jan 21 May 6 May 11 Jan 11 Apr 19 Jan 13 Jan 24 Jan 11 Jan 7 Jan 26 65 20 120% 36% 53'8 65 81 103 6% 13% 771-2 741/2 64% 65 61' 2 39 tri/a 231/2 20% 33 Jan 25 Mar 4 May 3 Jan 8 Feb 1 May 6 Feb 4 May 13 May 6 May 6 Au* 2 Jan 7 May 18 Jan 25 Jan 25 Feb 16 Jan 29 Jan 11 Jan 11 May 6 Jan 18 May 2 May 17 Jan 24 Jan 18 Jan 7 Mar 17 July 5 Feb 19 May 6 Mar 30 May 5 Jan 25 May 9 May 11 May 2 Aug 2 Jan 11 May 17 Jan 25 Apr 30 Jan 5 May 13 Feb 7 Mar 3 Jan 10 Jan 31 Feb 23 Feb 3 July 6 ?Tnn 21 Jan 23 Feb 14 Jan 25 May 19 May 10 May 10 June 15 Apr 29 Low 1921. 191-2 12% 90 176 Vz 1 10</8 16 36 62 87 11% 16','2 11% 44% 7434 2P/4 75 8% 12/4 1 40% 80 53 % 80% 116 9! 2 62 61 7O/4 26% 62|'2 11 60 25% 18''4 73/4 20 25 50' 'z 49'/2 47 10% 85'/2 2 29% 31 2 9 703,4 99/4 9/2 42 28 66% 13 43 '/, Wz ' 24 23? 4 8'/2 141/2 18' , 45/2 34 70! 4 35 16 8% 75 32 40 19 17*/2 1381-4 97% 10 Date. Dtv. In 9. 7 14 29 Joly 11 ? July 6 2 Apr 14 9 June 20 10 June 30 ??? May 1 ? Jan 3 1 June 24 ? Aug 4 8 Jan 7 5 Jan 5 7 Mar 12 ? June 21 ? Apr 14 ? July 21 8 July 22 8 July 30 4 June 23 10 Aug 3 ? June 21 ? June 6 ? Jan 3 ? Jan 3 5 N?rt Sale?. High. Low. Close, chs.e. SSOO 30% 27 27 - 9200 17% 1534 1534? ?4 600.102 10O 101 + 1 225 200 194% I94/4+ 4' 4 1300 % 34 %? % 1% 17% 17% 36 59% 390O 1% 17% 18% S71/4 61'2 d? nf . Cuban-Amer Sugar, Del & Hudson. .. . Del Lack & West.. Den & Rio Grande. do pf . Dome Mines . 160O Elk Horn Coal. 300 do pf . 200 Endicott Johnson .. 3900 do pf . 900 941/4 94 Erie . 11800 14% 13% do 1st pf. 4200 21 19'4 do 2d pf. 700 1434 141/2 M'2-1- as Famous Players_20400 49 46/2 49 + 2% do pf . 400 78 F?n1 Mine & Smelt pf 200 22 Fisher Body . 500 89' % Fisk Rubber Tire... 25100 13 100 12% 900 1% II4? '4 17%+ 54 171/2? % 36 ? 134 593 s? % 84%+ 3-4 13' B? % 19'4? 1% 73-3 21%+ Vz 89%4-13% 9%? 4 12% - % 1% 31 136 100 97 55' 55 32 36'/ 12'/ 30" 33 Jnn Jan Jan Apr 18 Jan 13 Apr 26 Apr 25 Jnn 4 May 9 May 9 Jan 4 Jan 31 May 18 May 9 May 2 Jan 11 Jnly 11 Jan 4 Apr 25 Jan 13 Feb 11 Feb 15 May 7 May 4 leb 7 May 11 Feb 17 Jan 14 May 10 June 6 Auir 4 May 19 May 18 Jan 12 May 6 Feb 21 65'2 87-% 1534 10 22 9 65 85 o 16 33' 2 14% 44 65 13% 102 25% 1 41 67% 100 3/2 9 46 64% 39 63 54 20% 44 13% .16 20 76 21% 82 83% Freeport Texas _ 100 12% 12% ?Gaston Williams ... 900 1% 1% Gen Asphalt .107300 66% 60% 51%? 1% do pf . 100 83 88 88 +1 200 57% 57 57 ? % 300 86 86 86+1 Gen Electric . 19100 120% 116% 117% Gen Motors .32300 do pf .... do 6% deb do 7?'. deb Goodrirh B F do pf . Granby Mining .... Gt Northern pf.... Gt North Ore sabs, f?reene Canane? Cop Guantanamo Suear.. Gulf Mob & Nor pf. Gulf States Steel. . . Haskeli & Bar Car. Homestoke Mining.. Houston Oil . Hupp Motors . 4300 11? Illinois Central _ 2700 98 ?94% *94'/4+ 1 .60 Indiahoma Rfg _ 4600 2% 2% 2% ~ t Inspiration Copper.. 1800 33% 32! 2 32' 2? e Intb Con Corp. 1500 4 3% 3%? ' do pf . 500 11% 11 11! s Inter Harrester .... 11200 75% 71% 73% do pf . 400 102% 99% 99% Inter Merc Marine.. 1200 10% 10 10 - July 15 6 Gen Cigars Apr 25 7 do pf deb July 29 8 June 20 1 June 10 6 June 24 6 Aug 4 7 June 24 ? June 23 7 Aug 4 ? June 14 7 June 24 4 Mar 11 ? June 21 1 June 24 ? June 21 ? June 20 4 Mar 4 ? June 23 ? June 21 1 Mar 12 7 June 29 Mar 12 ? June 13 ? June 13 ? July 27 5 June 20 7 June 20 ? June 24 6 July 8 ? July 1 7 June 24 ? Jan 5 ? Aug 5 ? June 15 ? 1% ' A do pf . 2200 46% 44% 45%4- 1% + 1 July Jan Jan Jan Feb Jan June June Mar 6 ? 6 ? 4 ? 3 ? 3 ? 5 4 7 4 7 8 1 ? Mar 11 ? Jan 3 ? Aug 2 4 June 23 ? Jan 3 ? Mar 21 ? Jan 14 2 Inter Motors . 1300 32 do 1st pf. 200 69 Inter Nickel . 4400 14% Inter Paper . 11200 54 Invincible Oil . 18100 10% Iron Products Corp 100 25 Island Oil . 6100 3 Jewell Tea. 6200 10% do pf . 1000 32% Jom-s Bros Tea. 400 18 Kansas City So. 9100 26% 25% 25%? ', do pf . 2600 51% 49% 49% Kelly Springfield.... 25400 44% do 8% pf. 400 81 Kelsey Wheel . 100 60 Kennecott Copper ... 3000 19% 31 63 13% 50% 5% 25 234 9% 30 18 32 68 ? % 13%+ Vz 50%? 1% 8%? 1% 25 ? 3% 2%+ % 10 -4- 1% 30 -J- 4 18 ? 4'.-i 40 80% 60 18 : 4 40%? 3 80%? 2% 60 4- 1 18 ? 1% Keystone Tire . 10300 14% 12% 12%? % Kress & Co Lacknwanna Steel.. Laclede (?as . Lake Erie. & W pf. Lee Rubber & Tire.. June 21 3% Lehigh Valley . Jan 22 12 Liggett & Myers_ do pf . Loews Co Inc. 9900 Loft Candy . 5600 Loose Wiles Biscuit Lorillard Pierre ... 3 7 7 ? 6 1 3 ? 3 12 5 7 Jan June Aug Jan Feb Jan Apr 14 7 Jan 3 6 June 7 4 Aug 4 ? June 14 7 June 24 ? May 6 ? July 19 ? June 17 ? June 25 ? July 15 ? May 23 ? Auk 5 ? Jan 4 8 July 6 12 Jan 3 2 100 75 75 75 ?20 1300 40 39% 39%+ % 1300 54% 52 54; 2+ 2 200 23 23 23 - 700 28% 26% 26%? 1% 2600 54 52 52%? % 100 155 155 155 + 2 200 101 100% 100%? 1% 12 11% 11%+ % 9% 8% 8%? % 100 33 33 33 + 1% 1500 150% 148 149%+ 1% do pf . 1000 101 Louisville & Nash.. 700 112 Mackay Cos . 200 64 do pf . 200 55 Manati Snirar . 1200 38!' 100 100 ? 2% 108% 108%? 2% 63 64 + % 55 55 - 32 32 ? 6% Manhattan EIct .... Mailand Oil . Market St Rway. .. do prior pf. Max Motor A. do B . do ctfs . do 1st pf ctfs. . . . do 2d pf ctfs. May Dept Stores.... Menean Petrol .... Miami Cons Copper. 500 49% 49 49?1 600 14% 14% 14%? 334 3% 31/ 33 9 1 ? July 20 1.60 Middle States Oil. June 22 ? Mar 11 ? June 14 7 May 3 7 Jan 23 ? Mar 11 ? Mar 11 ? Feh 3 ? June 23 3 July 11 3 June 23 ? Jan 4 7 July 18 ? Apr 13 ? June 23 6 July 28 6 Jan 20 7 July 28 ? Mar 31 ? June 21 6 June 21 Jane 20 July 16 June 24 Jan 28 Jan 26 June 18 Mar 11 July 29 Midvale Steel . 6900 25% Minn A St Louis... 700 12% Minn St P & S S M 2400 72% do pf . 200 90 Mo Kan A Texas... 400 2% Missouri Pacific- 3900 21% do pf . 450O Mont Ward . Montana lower .... Morris & Essex. National Acme National Biscuit . . . Nail Cloak & Suit. . Nati Conduit & Cable Nat Enam & Stamp National Lead . do pf . Nat R R of M 2d pf. Nevada Con Copper. New Or Tex & Mex N V Central . 15800 5 5 5 5 2!_ 5 do pf . - N Y N H & Hart 1 NY Ont & Western 4 N Y Shipbuilding. .. (Continued on paj? twelve*? N Y Chic & St L., ?o 1st pf-,., do 2d pf. N Y Dock . 1200 300 5510 65 500 20! Price Trend of the New York Stock Market 1 lie graph shows die weekly fluctuations in the average price of twenty railroad stocks in one line am! thirty industrial stocks in the other since September 1, 1919 ER, PEABODY S Ci. 18 Broad St. 115 Devonshire St, 45 East 4 2nd St 21G Berkeley St NEW YORK BOSTON Government Bonds Investment Securities Foreign Exchange Letters of Crs?ri Investment Circular on Request Correspondents o? BARING BROTHERS & CO., Ui LONDON Remitting Money Branches ENGLAND FRANCE SPAIN ARGENTINA CHILE PERU URUGUAY MEXICO Affiliations BRAZIL COLOMBIA ECUADOR GUATEMALA SAN SALVADOR VENEZUELA NICARAGUA Correspondents in Belgium, Holland Italy, Switzerland, Germany, etc Telephone Whitehall . ANGLO-SOUTH AMERICAN '"BANK, LIMITED New York Agency, 49 Broadwiy Readjustment of ALISES PACKERS, INCORPORATED. Depo?'*s under the Piar Agreeme 1921, as modifie i I the I r of the In v. ;w ?? ?: : and the general approval of Plan as Comn time within which may be i of busi 192!. willing I i Bummate the i the present amount ties* withi additional Committ ? steps to ! efforts to cons same, ? ' ? JOH ' * HB1 ? . SU? C. E. 5: 80 Bi I3?T1 Danish Government 3 M % I I 909 Inter? "-Z H U T CO. SO Pine Street, ?w York. Title Guarantee & Trust Co. CLINTON GILBERT 2 Wall Street, N. Y. Te!. 4S4? New York State Bond? Issued in < not Intcrc terable. Form Rat? W Cai .i' a : .j : ????? A*. ? . ? H Ighw Canal ? . ? High ' ? ; Federal and Joint . ?"U'nds * il t i ! '. 941, . Ft .:?;.,. 19738, i ? I ? ' 8 i il IS c . ?? United States Treasury Notes and C*f < ** l ir* ; H 11 tiQcat* s of ?ndebtcdne: s M our h r . . October . . ?Dea ? M iron . ?J uno ?Accc UU Ul< va',' : a uicuat 4 ?'?' I .; ., a? i.****